Agilysys, Inc. Reports Third Quarter Revenue Growth of 30% and Adjusted Earnings of $0.08 Per Diluted Share and GAAP Earnings of $0.02 Per Diluted Share

Agilysys, Inc. (Nasdaq: AGYS), a leading developer and marketer
of proprietary enterprise software, services and solutions to the
hospitality and retail industries, today reported operating results for
its fiscal 2013 third quarter ended December 31, 2012, and raised its
revenue and adjusted operating income forecast for the full year.

Summary of Fiscal 2013 Third Quarter Financial Results

Total net revenue increased $15.6 million, or 30%, to $67.2 million
from $51.6 million in the prior-year period. Revenues for the
Company’s Hospitality segment increased $6.5 million, or 30%, year
over year, while revenues for the Company’s Retail segment rose $9.1
million, or 31%, from the prior-year period.

Recurring revenues (which are comprised of support, maintenance and
subscription services) for the quarter were $19.4 million, an increase
of 6% over the same period in fiscal 2012.

Gross margin was 35% in the fiscal 2013 third quarter compared to
gross margin of 39% in the prior-year period. The decrease in the
margin reflects a change in the mix of the products sold in the period.

Adjusted operating income (excluding stock-based compensation,
amortization of intangibles and other one-time items) increased $3.3
million year over year to $2.1 million from an adjusted operating loss
of $1.2 million in the year-ago period (see reconciliation below).

Adjusted net income (non-GAAP) from continuing operations grew to $1.7
million, or $0.08 per diluted share, compared with an adjusted net
loss of $1.4 million, or ($0.06) per share, last year (see
reconciliation below).

Net income for the period was $0.5 million, or $0.02 per diluted
share, for the fiscal 2013 third quarter compared to a net loss of
$6.5 million, or ($0.29), in the prior-year period, inclusive of a
loss of ($0.03) from discontinued operations in the prior-year period.

James Dennedy, President and CEO of Agilysys, commented, “Our operating
results for the third quarter and first nine months of fiscal 2013
reflect our expectations from the strategic initiatives implemented in
the middle of fiscal 2012. Our personnel have eagerly embraced our
strategy and as a result, we are delivering increased quality to our
customers and value to our shareholders. Our success to date with the
Company’s refocused business strategy is reflected in the growth of our
Hospitality business, which continues to outpace growth in the overall
industry, and in our ability to optimize the strong cash flow generated
by our Retail business.

“Notwithstanding the progress made to date, we are still in the early
stages of executing the refocused business strategy. We believe our
emphasis on pursuing higher quality, recurring revenue opportunities and
serving markets that place a premium on using technology to deliver a
higher quality customer experience will produce above-market returns for
our shareholders. Our approach to implementing this strategy will
provide a more innovative place for our people to develop their careers
and add more value to the solutions our customers receive from Agilysys.
In future periods, we believe our operating leverage will continue to
improve; recurring revenue, as a percentage of our overall business,
will increase; product development investments will provide new
innovation enabling our customers to grow their business; and our team
will further improve upon the industry-leading customer service for
which Agilysys is known.”

Summary of Fiscal 2013 First Nine Months Financial Results

Total net revenue for the period increased $16.2 million, or 10%, to
$173.1 million, compared with $156.9 million in the comparable
prior-year period. The Hospitality segment grew 18%, or $11.3 million,
and the Retail segment revenue increased 5%, or approximately $5.0
million.

Recurring revenues (which are comprised of support, maintenance and
subscription services) for the period were $57.3 million, an increase
of 7% over the first nine months of fiscal 2012.

Gross margin of 38% was relatively flat compared to the prior-year
period.

Adjusted operating income (excluding stock-based compensation,
amortization of intangibles and other one-time items) for the first
nine months of fiscal 2013 increased year over year by $8.7 million to
$4.3 million from an adjusted operating loss of $4.4 million in the
comparable year-ago period (see reconciliation below).

Adjusted net income (non-GAAP) from continuing operations grew to $3.8
million or $0.17 per diluted share, compared with the adjusted net
loss of $5.8 million, or ($0.26) per share, in the first nine months
of fiscal 2012 (see reconciliation below).

GAAP net loss was $1.6 million, or ($0.07) per share, in the first
nine months of fiscal 2013 compared with a GAAP net loss of $5.8
million, or ($0.26) per share, in the year-ago period. GAAP net loss
for the first nine months of fiscal 2012 includes net income of $10.4
million, or $0.46 per share, related to discontinued operations.

Robb Ellis, Chief Operating Officer and Chief Financial Officer, added,
“We are pleased with the solid results we have generated and believe we
have attractive opportunities to continue improving the business over
the long term. Our results continue to reflect a good balance of current
quarter performance and the prudent long-term investments we are making
in the business. With nearly $80 million in cash and no debt, Agilysys
has a solid balance sheet and the financial flexibility to support our
goal of generating consistent profitable revenue growth while investing
in our business to address new growth opportunities. Based on the
success of the quarter and visibility into the year, we are increasing
our fiscal 2013 guidance which reflects strong revenue growth and a
return to profitable operations relative to fiscal 2012.”

Raises Fiscal 2013 Outlook

The table below compares the Company’s updated guidance to its prior
guidance for fiscal 2013 and to the reported results for fiscal 2012:

(In millions, except per-share)

Fiscal 2013

Fiscal 2013

Fiscal 2012

Updated

Previous

As Reported

Revenue

$230 - $232

$208 - $211

$208.9

Adjusted operating income (loss)

$6.0 - $6.5

$3.5 - $4.5

($7.9)

Adjusted earnings (loss) per share (non-GAAP)

$0.24 - $0.26

$0.16 - $0.21

($0.39)

The Company’s updated guidance reflects year over year revenue growth of
approximately 10% resulting in adjusted operating income improving by
approximately $14 million and adjusted earnings per share improving by
$0.63-$0.65.

2013 Third Quarter Conference Call and Webcast

Agilysys is hosting a conference call and webcast today, January 31,
2013, beginning at 4:30 P.M. ET. Both the call and the webcast are open
to the general public. The conference call number is 913-312-1495
(domestic or international) and the passcode is 5825485. A slide deck,
which will be the basis for the review, will accompany the conference
call and can be accessed at http://agilysys.com/home/InvestorRelations/EventPresentation.htm.
Please call five minutes prior to the presentation to ensure that you
are connected.

This press release and other publicly available documents, including the
documents incorporated herein and therein by reference, contain, and our
officers and representatives may from time to time make,
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as:
"anticipate," "intend," "plan," "goal," "seek," "believe," "project,"
"estimate," "expect," "strategy," "future," "likely," "may," "should,"
"will" and similar references to future periods. These statements are
not guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. These statements are
based on management’s current expectations, intentions or beliefs and
are subject to a number of factors, assumptions and uncertainties that
could cause actual results to differ materially from those described in
the forward-looking statements. Factors that could cause or contribute
to such differences or that might otherwise impact the business include
the risk factors set forth in Item 1A of the company’s Annual Report for
the fiscal year ended March 31, 2012. Copies are available from the SEC
or the Agilysys website. We undertake no obligation to update any such
factor or to publicly announce the results of any revisions to any
forward-looking statements contained herein whether as a result of new
information, future events or otherwise.

Use of Non-GAAP Financial Information

To supplement the unaudited condensed consolidated financial statements
presented in accordance with U.S. GAAP in this press release, certain
non-GAAP financial measures as defined by the SEC rules are used. These
non-GAAP financial measures include adjusted operating income (loss)
from continuing operations, adjusted net income (loss), adjusted net
income (loss) per share and adjusted cash flow from operations.
Management believes that such information can enhance investors'
understanding of the company's ongoing operations. See the accompanying
tables below for reconciliations of adjusted operating income (loss)
from continuing operations and adjusted net income (loss), and adjusted
cash flow from operations to the comparable GAAP measures.

Guidance

Guidance figures are based on the company’s current estimates and are
subject to change by factors outside the company’s control. While this
guidance is provided to give investors insight into expectations for the
period, actual results may vary.

About Agilysys

Agilysys is a leading developer and marketer of proprietary enterprise
software, services and solutions to the hospitality and retail
industries. The Company specializes in market-leading point-of-sale,
property management, inventory and procurement, and mobile and wireless
solutions that are designed to streamline operations, improve efficiency
and enhance the consumer’s experience. Agilysys serves casinos, resorts,
hotels, foodservice venues, stadiums, cruise lines, grocery stores,
convenience stores, general and specialty retail businesses and
partners. Agilysys operates extensively throughout North America, with
additional sales and support offices in the United Kingdom, Singapore
and Hong Kong. For more information, visit www.agilysys.com.

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(In thousands, except per share data)

Three Months Ended

Nine Months Ended

December 31,

December 31,

2012

2011

2012

2011

Net revenue:

Products

$

40,210

$

25,725

$

89,262

$

80,387

Support, maintenance and subscription services

19,405

18,275

57,347

53,704

Professional services

7,596

7,582

26,494

22,767

Total net revenue

67,211

51,582

173,103

156,858

Cost of goods sold:

Products

32,225

20,128

70,108

63,733

Support, maintenance and subscription services

6,911

6,223

20,779

19,270

Professional services

4,626

5,298

16,308

14,835

Total cost of goods sold

43,762

31,649

107,195

97,838

Gross profit

23,449

19,933

65,908

59,020

Operating expenses:

Product development

8,612

7,722

24,241

23,378

Sales and marketing

5,425

5,408

16,039

16,868

General and administrative

7,167

7,319

20,596

23,466

Depreciation of fixed assets

633

1,063

2,024

3,177

Amortization of intangibles

832

914

2,554

2,782

Asset impairment and related charges

-

-

208

-

Restructuring, severance and other charges

(31

)

4,556

1,524

10,590

Operating income (loss)

811

(7,049

)

(1,278

)

(21,241

)

Other (income) expenses:

Interest income

-

(4

)

(8

)

(54

)

Interest expense

56

60

225

937

Other expenses, net

220

22

202

293

Income (loss) before income taxes

535

(7,127

)

(1,697

)

(22,417

)

Income tax expense (benefit)

19

(1,353

)

(69

)

(6,209

)

Income (loss) from continuing operations

516

(5,774

)

(1,628

)

(16,208

)

(Loss) income from discontinued operations, net of taxes

-

(735

)

-

10,403

Net income (loss)

$

516

$

(6,509

)

$

(1,628

)

$

(5,805

)

Basic weighted average shares outstanding

21,900

22,148

21,873

22,650

Net income (loss) per share – basic:

Income (loss) from continuing operations

$

0.02

$

(0.26

)

$

(0.07

)

$

(0.72

)

(Loss) income from discontinued operations

-

(0.03

)

-

0.46

Net income (loss) per share

$

0.02

$

(0.29

)

$

(0.07

)

$

(0.26

)

Diluted weighted average shares outstanding

22,088

22,148

21,873

22,650

Net income (loss) per share – diluted:

Income (loss) from continuing operations

$

0.02

$

(0.26

)

$

(0.07

)

$

(0.72

)

(Loss) income from discontinued operations

-

(0.03

)

-

0.46

Net income (loss) per share

$

0.02

$

(0.29

)

$

(0.07

)

$

(0.26

)

AGILYSYS, INC.

BUSINESS SEGMENT INFORMATION

(UNAUDITED)

Three Months Ended December 31, 2012

Three Months Ended December 31, 2011

Reportable Segments

Corporate/

Reportable Segments

Corporate/

(In thousands)

HSG

RSG

Other

Consolidated

HSG

RSG

Other

Consolidated

Net revenue:

Products

$

12,251

$

27,959

$

-

$

40,210

$

6,618

$

19,107

$

-

$

25,725

Support, maintenance and subscription services

12,461

6,944

-

19,405

12,243

6,032

-

18,275

Professional services

3,478

4,118

-

7,596

2,819

4,763

-

7,582

Total net revenue

$

28,190

$

39,021

$

-

$

67,211

$

21,680

$

29,902

$

-

$

51,582

Gross profit

$

16,168

$

7,281

$

-

$

23,449

$

13,957

$

5,976

$

-

$

19,933

Gross profit margin

57.4

%

18.7

%

34.9

%

64.4

%

20.0

%

38.6

%

Operating income (loss)

$

3,998

$

3,020

$

(6,207

)

$

811

$

1,864

$

1,439

$

(10,352

)

$

(7,049

)

Interest expense, net

-

-

56

56

-

-

56

56

Other expenses, net

-

-

220

220

-

-

22

22

Income (loss) from continuing operations before income taxes

$

3,998

$

3,020

$

(6,483

)

$

535

$

1,864

$

1,439

$

(10,430

)

$

(7,127

)

Nine Months Ended December 31, 2012

Nine Months Ended December 31, 2011

Reportable Segments

Corporate/

Reportable Segments

Corporate/

HSG

RSG

Other

Consolidated

HSG

RSG

Other

Consolidated

Net revenue:

Products

$

26,087

$

63,175

$

-

$

89,262

$

18,399

$

61,988

$

-

$

80,387

Support, maintenance and subscription services

37,812

19,535

-

57,347

35,291

18,413

-

53,704

Professional services

10,882

15,612

-

26,494

9,800

12,967

-

22,767

Total net revenue

$

74,781

$

98,322

$

-

$

173,103

$

63,490

$

93,368

$

-

$

156,858

Gross profit

$

46,690

$

19,218

$

-

$

65,908

$

40,187

$

18,833

$

-

$

59,020

Gross profit margin

62.4

%

19.5

%

38.1

%

63.3

%

20.2

%

37.6

%

Operating income (loss)

$

10,254

$

6,862

$

(18,394

)

$

(1,278

)

$

2,075

$

5,169

$

(28,485

)

$

(21,241

)

Interest expense, net

-

-

217

217

-

-

883

883

Other expenses, net

-

-

202

202

-

-

293

293

Income (loss) from continuing operations before income taxes

$

10,254

$

6,862

$

(18,813

)

$

(1,697

)

$

2,075

$

5,169

$

(29,661

)

$

(22,417

)

AGILYSYS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except share data)

December 31,

March 31,

2012

2012

ASSETS

Current assets:

Cash and cash equivalents

$

79,838

$

97,587

Accounts receivable, net of allowance of $759 and $632, respectively

51,923

32,531

Inventories

18,192

15,710

Prepaid expenses

2,863

2,975

Other current assets

1,538

5,492

Total current assets

154,354

154,295

Property and equipment, net

15,231

16,504

Goodwill

14,259

15,198

Intangible assets, net

15,922

14,135

Other non-current assets

4,005

4,007

Total assets

$

203,771

$

204,139

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

42,298

$

24,938

Deferred revenue

23,717

28,441

Accrued and other current liabilities

13,428

23,983

Capital lease obligations – current

342

647

Total current liabilities

79,785

78,009

Deferred income taxes – non-current

5,186

5,135

Capital lease obligations – non-current

428

347

Other non-current liabilities

5,151

6,210

Shareholders’ equity:

Common shares, without par value, at $0.30 stated value; authorized
80,000,000 shares; 31,606,831 issued; and 22,136,981 and 21,875,850
shares outstanding at December 31, 2012 and March 31, 2012,
respectively

9,482

9,482

Treasury shares (9,469,850 shares at December 31, 2012 and 9,730,981
shares at March 31, 2012)

(2,840

)

(2,919

)

Capital in excess of stated value

(14,919

)

(16,032

)

Retained earnings

122,248

123,876

Accumulated other comprehensive (loss) income

(750

)

31

Total shareholders’ equity

113,221

114,438

Total liabilities and shareholders’ equity

$

203,771

$

204,139

AGILYSYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine Months Ended

(In thousands)

December 31,

2012

2011

Operating activities:

Net loss

$

(1,628

)

$

(5,805

)

Income from discontinued operations

-

10,403

Loss from continuing operations

(1,628

)

(16,208

)

Adjustments to reconcile net loss from continuing operations to net
cash used in operating activities:

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Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...

Monitoring of Docker environments is challenging. Why? Because each container typically runs a single process, has its own environment, utilizes virtual networks, or has various methods of managing storage. Traditional monitoring solutions take metrics from each server and applications they run. These servers and applications running on them are typically very static, with very long uptimes. Docker deployments are different: a set of containers may run many applications, all sharing the resources of one or more underlying hosts. It's not uncommon for Docker servers to run thousands of short-te...

When was the last time you’ve ever heard anyone say “IT Applications & Operations”? Frankly, in my 30+ year career in IT, I don’t believe I’ve ever heard anyone use this term. The typical term we hear is IT Infrastructure & Operations. These two go together like Peanut Butter and Jelly, which tells us a lot about how we view the field of IT. For those that may not be familiar with the role of IT Operations, Joe Hertvik does a great job here of describing IT Operations Management as someone engaged in the role of providing this service to the business. As you can see it’s very interesting how ...

The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location.
With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!

We've come across a lot of talk about "cloud-native" apps lately. (They even have their own foundation!) Developers build these apps specifically to run on a cloud-based infrastructure, with the kind of user interface we all expect from our apps now. Cloud-native applications are scalable, usable and flexible, usually packaged using containers.
It's a step further in the cloud computing journey, and a step away from the way we used to conceive of apps. Application development happened for many years inside an IT bubble, with a long development and deployment lifecycle. They were used only i...

Information self-service is undoubtedly one of the main drivers of Modern Data Management. From “data services marketplaces” to “self-service Big Data analytics,” one of the objectives of most data-related initiatives today is to provide business professionals with new ways to solve their information needs with the goals of achieving self-reliance and minimizing the IT bottleneck. However, is it realistic to expect business users to assume this job?
Studies [1] report that more than 60 percent of companies grade their experience with self-service initiatives as “average” or lower, with nearl...

The IoT continued its toddler-like growth and stumbles in 2016. Here are five trends to look for in 2017 as the IoT enters its adolescence and how to benefit from them.
1. Ecosystems begin to determine winners and losers
Previously these were nice in-the-future concerns; now they will really count. Filling out a whole product value proposition through partnerships has repeatedly proven its importance across B2B and enterprise software sectors. In the IoT, they will be even more critical.

Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair
The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY.
"DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at @DevOpsSummit and Cloud Expo tell the world how they can leverage this emerging disruptive tr...

The time of year when crystal balls get a viewing and many pundits put out their annual predictions for the coming year. Rather than thinking up my own, I figured I’d regurgitate what many others are expecting to happen.
8 Predictions About How the Security Industry Will Fare in 2017 – An eWeek slideshow looking at areas like IoT, ransomware, automated attacks and the security skills shortage in the industry. Chris Preimesberger (@editingwhiz), who does a monthly #eweekchat on twitter, covers many of the worries facing organizations.

I recently recovered from ACDF surgery where they remove a herniated or degenerative disc in the neck and fuse the cervical bones above and below the disk. My body had a huge vulnerability where one good shove or fender bender could have ruptured my spinal cord. I had some items removed and added some hardware and now my risk of injury is greatly reduced.
Breaches are occurring at a record pace, botnets are consuming IoT devices and bandwidth, and the cloud is becoming a de-facto standard for many companies. Vulnerabilities are often found at the intersection of all three of these trends, so ...

In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain.
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management...

Okay, let me get this out there: I find the term “Citizen Data Scientist” confusing. Gartner defines a “citizen data scientist as “a person who creates or generates models that leverage predictive or prescriptive analytics but whose primary job function is outside of the field of statistics and analytics.” While we teach business users to “think like a data scientist” in their ability to identify those variables and metrics that might be better predictors of performance, I do not expect that the business stakeholders are going to be able to create and generate analytic models. I do not believe...

We have been seeing a sudden rise in the deployment of Artificial Intelligence (AI), Machine Learning (ML), and Deep Learning (DL). It looks like the long “AI winter” is finally over. It is interesting to note that AI was mentioned by Alan Turing in a paper he wrote back in 1950 to suggest that there is possibility to build machines with true intelligence. Then in 1956, John McCarthy organized a conference at Dartmounth and coined the phrase Artificial Intelligence. Much of the next three decades did not see much activity and hence the phrase “AI Winter” was coined. Around 1997, IBM’s Deep Blu...

Nerdio is an IT-as-a-service platform with virtual desktop infrastructure (VDI) technology at its core. It is designed for IT departments that need a way to easily manage their ever-increasing workloads. Nerdio allows users to efficiently manage their complete IT environments by giving them full visibility and control of users’ desktops. In addition to virtual desktops, the platform includes unlimited virtual servers, Microsoft Office 365 security, and disaster recovery and 24/7/365 support.

Reality itself is going through a digital transformation thanks to leaps in 3D rendering and the crunch-speed motion feedback data. Although the modern definition of virtual reality (VR) has been making promises for three decades, the emphasis was always on the potential. Now it’s here. This is a tour of the state of VR in 2016 and where developers are taking it as VR spreads far beyond the world of gaming.

Cyberattacks are relentless. The pace of attacks shows no sign of slowing, and organizations understand that 100 percent prevention of attacks is not possible. Traditional prevention and detection techniques are falling short, and security professionals are scrambling for new paradigms that can more effectively detect attacks and mitigate the growing levels of damage. In this climate of confusion, deception-based solutions offer a viable and proven way to stop attackers in their tracks. Why? Because instead of sitting back and waiting to be the victim, detection technologies let organizations ...

Cloud computing budgets worldwide are reaching into the hundreds of billions of dollars, and no organization can survive long without some sort of cloud migration strategy. Each month brings new announcements, use cases, and success stories.